KARACHI – Pakistan-based fintech, Abhi, has raised $40 million for its salary advance platform just four months after launching the startup.
The company announced the development on its Twitter handle, stating: “It’s official! After witnessing explosive growth & exhilarating response from the customers, @abhikaropk has raised funds (Led by @GlobalVC_MENA) at a $40 Million valuation in just 4 months after its launch”.
Founded by Omair Ansari and Ali Ladhubhai earlier this year, this Karachi-based startup hopes to become the first financial wellness platform by aiming to change how people spend their money through its web and mobile app.
Last month, the innovative startup raised $2 million in a seed round led by Vostok Emerging Finance.
Village Global, i2i Ventures, Sarmayacar, Zayn Capital, Portman Wills, the co-founder and CTO of Wagestream, had also participated in this equity-only round.
Pakistan’s startup industry has witnessed a significant growth since the start of 2021 as it has received $300 million funding this year, an amount that is more than the collected in last six years.
Abhi’s platform aims to enable employees of its partners to withdraw salary advances based on their accrued wages at any time. As the fintech will be funding these advances, they will have no effect on Abhi’s partner employer’s balance sheets and repayments will be deducted from the employee’s salary before it is paid by the employer.
Read more: https://pakobserver.net/pakistani-startups-raise-record-305-million-in-9-months-of-2021/
